I recently gave my Letter of intended retirement.

Helene Schiff

March 13,2022 at 2:20PM UTC

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I recently gave my Letter of intended retirement. The evening before announcing at staff meeting my supervisor reminded me of possible substantial bonus, that she would hate for me to lose. I took the bait, even though it was very 'slippery'. I postponed my 4 week notice.

I was way excited to be leaving, now deflated. The bonus is so vague as to when and how much; it will be coming from State and Federal monies. No one knows the specifics....it seems.

How long do I postpone? I think I might be too gullible here , however I do need the money.... the ? was placed in front of my nose. I need info, to know how long to keep trotting. Your opinions much appreciated.

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Heather CutlerMarch 13,2022 at 7:21PM UTC
I'd wait for the bonus. And I'd press this woman on the payment date. I'm hard pressed to believe that she truly has NO idea when it will be paid out.
MaryamMarch 13,2022 at 10:26PM UTC
Seems strange to have rumours of a bonus without details or timeline. Are there others who can shed light on this potential bonus? If you were not counting on it, then perhaps you can set yourself a limit for how long you’re willing to wait. Without context or a range of possible outcome, you may be setting yourself up for ultimate disappointment. If you walk away from something you didn’t have to begin with, is that a loss? Or is the opportunity cost of what you would be doing with your retirement time more valuable? Only you can answer, and the more insight and data you can get, the better your risk-call can be.
Helene SchiffMarch 13,2022 at 10:55PM UTC
Thank you Maryam..I will try to get more info, and set a waiting in limbo limit.
Ladyboss501027March 14,2022 at 12:21PM UTC
There are two ways to play this. First is more “above the line”. Be honest if your intention to retire and negotiate for a payout when it comes in, since you did all the work associated to earn it. This may backfire on you, or you might get exactly what you want. The other way is to not give notice. Wait a bit, see if anything comes in, and when the time comes just leave, modifying your notice period to your desired end date. If they ask why no notice, tell them they hung the carrot out, didn’t give a date, but life has to go on for you.
Helene SchiffMarch 14,2022 at 4:00PM UTC
This is for ALL replys.......so good. the fog is clearing, you all are so helpful, I have a squad...Thank you.....I know what to do now..... love HS
AnonymousMarch 14,2022 at 12:26PM UTC
If you weren't initially waiting on the bonus, then why should it make a difference when you retire?
You should definitely find out more information on its timeline to be delivered to people and what is required to get the optimal bonus amount (company performance, your performance, etc.). You can talk to HR, trusted colleagues, and your manager. Just consider the purpose on why they mentioned it now vs before knowing you wanted to retire. Very strange, ominous, and sneaky to mention it now. Also consider the cost it takes from you mentally and physically to remain for a bonus you don’t know when you’ll receive or potentially how much.
Also consider a “side hustle” in your retirement to make up for the bonus if you don’t receive all of it.
Good luck!
Crystal HowellMarch 14,2022 at 12:31PM UTC
I would check with HR, and find out who,what,where and how from the horse's mouth. Then make a decision. I don't do vague very well. Someone knows, hope it helps.
AnonymousMarch 14,2022 at 2:01PM UTC
I would couch the request for more information in terms of wanting the transition from your departure to be as smooth as possible. Four weeks notice is needed for the transition, not from the time the bonus is distributed. This way you clarify that you plan to start succession planning ahead of the bonus, not wait for it to come “for the good of the company.” As you have constructed plans to leave four weeks from notice, it would be too disruptive to your post-retirement circumstances and to the company to wait too long for a bonus and then depart quickly thereafter. Planning helps the company and you move on. If they are still vague - I would approach HR with a request for a retirement package and let them know you forewent your notified retirement date at your managers request and know a bonus is emminent but can wait no longer. Then at least you might get a partial payout or clarity that the manager delayed under false pretenses.
KathyMarch 14,2022 at 2:02PM UTC
There is usually a process with managers around bonuses and raises that has specific dates for payout. This stuff has to get entered into the payroll system, so someone knows something (as others have suggested) See if you can get the time frame for this and make your decision from there. Bonuses generally are for the work you've done, not what you will do (unless it's a signing bonus). Enjoy your retirement when it comes. You will be busy, in a very good way!
Linda Beck HalliburtonMarch 14,2022 at 2:05PM UTC
Since the bonus is coming from State and Federal monies, it is possible that no one knows the details, especially if it is related to COVID money. On the other hand, if your business is something like construction and possible bonuses are based on job completion, that is a different type of question, but also unpredictable to a degree. I just retired from a government job and while the State prefers advance notice to retire, they only require two weeks.
AnonymousMarch 14,2022 at 2:50PM UTC
don't over think this. Your boss gave you the heads up on some money you might miss if you leave sooner. Four weeks is no big deal in the whole scheme of things, since you are retiring (not waiting to take another job). Again..don't over think this. Will working 4 more weeks kill you, or can you hang out and then benefit from the bonus? If it were me, I would crunch numbers and take an assessment of my energy and feelings and go from there. If you literally cannot stand one more week there, then give your notice. Your gut knows.
Joanna PoeMarch 14,2022 at 3:13PM UTC
She's not saying it's only four more weeks, but that she'd originally planned to give four weeks' notice, but that's now been postponed an unknown amount of time.
Ask your boss for a more firm timeline, even though supposedly nobody has details. Is it greater than six months, or less? Is it greater than a year, or less? If they can't even answer that, maybe you should bail anyhow, because it's clearly affecting your mood.
You say you need the money - but you were comfortable with retiring before she reminded you of the bonus? Maybe you should take a second look at your plans and finances. Again, ask your boss for a little more detail about the bonus: is it more than $5k, or less? etc, and use the answer to plan your moves.
AnonymousMarch 14,2022 at 3:42PM UTC
I’m an expert in grants of all stripes especially federal. Most that could be used for “bonuses” are incremental salary increases because of training and added credentials. The funds don’t pay for the bonus, they pay for the training, etc.
There is no indication you are getting a real deal. She would have the grant numbers and names, and if there are no awards yet, something like an internal performance bonus for staying and helping with the work is a long way off.
What’s most likely is the employer is getting a state/federal bonus for retaining your job, claiming your job was being saved from layoff. I know the funds to employers for that runs between about $7k - about $10k, but since i didn’t work on that program, i don’t know the minimum period of time for employers to retain the person (or someone paid in the position).
All bonuses should be in writing before you “accept.”
I’m sorry that you’re an example that “good intent” means a lot of different things when a boss is protecting their bottom line, or what other stories colleagues will put on an act to support when they have a quid pro quo of a promotion and raise offered in exchange of supporting the boss’ “good intent”
Leader135412March 14,2022 at 3:42PM UTC
Beware, 4 weeks could turn into 4 years. Bait and switch.
GirlBossanova934974March 14,2022 at 4:07PM UTC
I have no idea why your employer will not give you THE INFO the grant money she is talking about. I am a business owner. I actually filed AND did receive checks from the IRS for 6 quarters of tax refunds for the Employee Retention Credit (ERC). The ERC ended last SEP 30th. It took me several weeks to get my payroll company to get this set up and it took the IRS several months to process. I was more successful than most because I got on the phone with an IRS agent and got him to process half of the refunds over the phone......If your employer is going to claim credit for you, the last money they are going to get is for you on the payroll as of 30 SEP 2021. The Congress ended this tax credit when they signed off on the $1.5 Trillion dollar infrastructure bill last NOV.
Melanie MitchellMarch 14,2022 at 4:59PM UTC
The question is how important is the bonus for you? If you left and didn't receive it would you regret it or would you be at peace and be happy with your decision? You need to truly do what is right for you in your heart and where you have the most peace with.
AnonymousMarch 14,2022 at 5:54PM UTC
This sounds like education. Teachers are promised money that doesn't come through the last minute.
IF the next month won't cause you emotional and financial problems, wait it out. If it's education, be SHOCKED if it comes through.
DanaMarch 14,2022 at 8:48PM UTC
Seems as though you were already prepared to face the challenge of no longer having that income stream so if you could do it then you can do it again. However, I fully recognize that every additional amount of income would be helpful. I think giving them a reasonable amount of time to come through would be more than fair but careful about them dragging you along for a long period of time. Good luck.
Liz MilneMarch 14,2022 at 9:23PM UTC
Ask her?
AnonymousMarch 14,2022 at 9:53PM UTC
If you are not given details and timing, chance are really good the bonus does not exist.
Bait and switch because it's easy to blame the disappearance of the bonus of. Funds not received or delayed or not arriving in the amount expected. You're deflated because you might already assume it's not backed up by substantive proof.
AnonymousMarch 14,2022 at 11:44PM UTC
I think you already know the truth. None of that bonus will appear.
I'm sorry you fell for it.
AnonymousMarch 15,2022 at 12:31AM UTC
Maybe it’s worth following up and asking for the terms in writing.
Ladyboss965221March 15,2022 at 12:51AM UTC
Lesson: make sure you understand and have a written doc that lays out the details. ALWAYS!
Sorry you had to learn the hard
way. Enjoy your retirement.
AnonymousMarch 15,2022 at 3:12AM UTC
If you are not quitting to take care of a loved one and you like your boss/team what you could do is agree to stay for a certain period of time (to give them time to find and train a replacement). If this extends your employment by six months to a year, one thing you could think about is investing the money you earn during this time.
I mention this last part because the stock market is tanking right now and will continue to go lower. Some of these stocks won't ever get back to their previous prices (legacy big tech stocks like amzn, google, fb are good examples of permanent losses that won't be recouped). If you were to make the right picks and buy from a roth ira account you wouldn't have to pay any taxes on the gain when the stock market rebounds in a few years. Assuming you are close to 59 years old, that could work out very well for you.
Sue Gordon- retired Career CoachMarch 15,2022 at 12:22PM UTC
Listen to your inner voice. You are deflated to be staying for a currently nebulous bonus. You 'need' the money but had already planned to retire, so do you REALLY need it (yes, money is always very helpful).
Sadly, it sounds to me like this money may not even be real. If you've received these bonuses previously, use that to guide your decision on timeline. In any event, set yourself a firm deadline- something like this can go on indefinitely.
You decided to retire for a reason. Keep that in mind, set a firm date, and be prepared to walk away - it may be the bonus never appears.
Melissa Boillot, SHRM - SCPMarch 15,2022 at 2:40PM UTC
I would advise you to speak to your boss about this in more detail. If you have regular one-on-one meetings bring it up then otherwise ask to meet. Discuss her thoughts on your new retirement timeline and the details of the bonus. If she can’t give you details of the bonus ask her when she will know more (within a reasonable time) and let her know that you can meet again to discuss the timeline. If she is stringing you along, then you can give your formal notice.
Rosa GoesMarch 17,2022 at 6:33AM UTC
You mentioned you need the money. Then it may not be the right time to retire. I would examine the reasons for retirement. Was a bonus part of your job offer? If not, there is no reason to hang around. Give your notice and move on.
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